The Effect of Corporate Social Responsibility Disclosure on Market Performance: Evidence from Jordan

• 발행기관: 한국유통과학회
• 저자명: Omar ZRAQAT Qasim ZUREIGAT Hani Ali AL-RAWASHDEH Samer Mohammed OKOUR Lina Fuad HUSSIEN Atef Aqeel AL-BAWAB
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.8, 453~463쪽, 전체 11쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.08.30

영문 초록

The current study aims to investigate the relationship between CSRD and firm performance, as an indicator for corporate socially responsible behavior, and corporate market performance of listed companies on the Amman stock exchange (ASE). The study adopts a quantitative methodology and utilizes pooled data sets that was collected following content analysis approach of the annual reports for the period 2014 to 2019. The study sample consists of 42 listed companies. The study ran a multiple regression model in order to capture the relationship between the independent variable CSRD and the dependent variable that is Firm performance which was measured using Tobin’s Q. The study also utilized five control variables in order to control the hypothesized relationship between CSRD and Firm Performance. The results indicate a negative but significant relationship between CSRD and corporate market performance measured by Tobin’s Q. The results stand against the notion of the business case for CSR, and indicate the opposite position, so, the higher CSRD, the lower will be Tobin’s Q. Such results support the notion of the institutional theory, and provide an initial evidence for legitimacy seeking behavior in Jordanian companies. However, the results indicate a lower level of awareness of CSR across investors and market players, which support arguments of the difference in market perceptions towards CSR.

목차

1. Introduction

2. Theoretical Framework

3. Literature Review and Hypotheses Development

4. Methodology

5. Data Analysis and Results

6. Conclusion

키워드

Corporate Social Responsibility Disclosure Market Performance Institutional Theory Jordan